Change of guard at MRL
New Delhi--Financial institutions, holding a 44 per cent stake in Modi Rubber, have more or less wrested control over the board during the last two months. They have forced a change in the chairman by replacing P Rai with Pandurang Rao. Rao is the UTI representative and was formerly MD, State Bank of Hyderabad.
At present, the structure of the board is strongly tilted in favour of the FIs being headed by Rao, while other members include A C Ahuja (IFCI), P C Gupta, (GIC), M P Modi (LIC), apart from the promoters, B K and V K Modi, and a collaborator’s representative.
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Top-level exodus at BPL Innovision
Bangalore--BPL Innovision Group is facing an exodus of personnel at the top level. Over 10 top executives at senior levels have left for greener pastures. And at a time when rumours of a possible merger with Bharti or AT&T are doing rounds.
The people who are leaving include group CTO Rawat, said to have joined Reliance Infotech along with key sales, marketing and HR functionaries like R Swaminathan, Nandalan Narayan, and A T P Ramani. S L Narayanan, chief financial officer, BPL Cellular, has joined HCL Technologies.
Apart from these, Bharat Chari from the portal division, Sam Selvakumaar, a sales head, and Lester Herbert, CTO for Kerala and Tamil Nadu, too have left the group.
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Khusrokhan exits HLL board
Mumbai-- HLL's non-executive director Homi R Khusrokhan, who has recently taken over as the head of rival Tata Tea, has finally stepped down from the board of HLL. He did not also attend the HLL AGM held today.

Khusrokhan was inducted on to the board as a non-executive director in early-2000, and joined as the managing director of Tata Tea on February 19 this year.

M S Banga, chairman of Hindustan Lever said, "Khushrokhan has intimated us that he will not be able to attend the AGM and we are sorry to lose him from the board."
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GTB to decide on appointment of one more ED soon
Mumbai—The Global Trust Bank has decided to appointed a second executive director and will take up the issue at the next board meeting of the bank. The bank has decided against taking up an earlier proposal for bifurcating the post of chairman and managing director.
The present ED of the bank is Sridhar Subasri. Hugar is expected to take up the issue of appointing a second ED with the RBI next week.
This development comes shortly after former GTB CMD Ramesh Gelli finally exited from the bank affairs. Gelli quit as the director of the bank at the recently held annual general meeting, after being told by the Reserve Bank of India to do so. He resigned as the CMD on April 12.
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